政府和无利益会计考试.pdf

ACCY 161 Final Exam KEY Fall 2008 ACCY161 Final Fa08 KEY Page 1 of 4 1 Which of the following is not a characteristic of a fund as defined by GASB standards a An accounting entity b A segregated quantity of cash and other financial resources on deposit with a designated trustee c A fiscal entity d A self balancing set of accounts 2 The GASB has identified which of the following as the cornerstone of all financial reporting in government a Understandability b Representational faithfulness c Accountability d Visibility e Both c and d 3 The types of funds that may be used in governmental accounting are classified into the categories of activities performed by governments a governmental activities business type activities b governmental business type and fiduciary c governmental proprietary and fiduciary d none of the above 4 The government wide financial statements are intended to report on a financial resources b fiscal accountability c operational accountability d both a and c e both b and c 5 The dual track includes a The fund track b The modified accrual track c The government wide track d both a and c e a and b and c are all correct terminology 6 An example of other financing sources would be a Grants for capital improvements b Proceeds of the sale of bonds c Sales of tax anticipation notes d both a and b are correct e a and b and c are all correct 7 In governmental financial reporting the internal service fund is included in a Business types activities b Governmental activities c Governmental funds d Both b and c e None of the above reported separately 8 The measurement focus of economic resources is related to a Governmental activities financial statements b Business type activities financial statements c Fiduciary funds financial statements d both a and b are correct e a and b and c are all correct ACCY 161 Final Exam KEY Fall 2008 ACCY161 Final Fa08 KEY Page 2 of 4 9 When equipment that is to be used by an activity accounted for by the General Fund of a government is received it should be recorded in the General Fund as a an a Capital Asset b Appropriation c Encumbrances d Expenditure 10 In governmental financial reporting the fiduciary funds are included in the a Fund financial statements b Governmental activities statements c Bog a and b are correct 11 The financial results of blended components are include in a the governmental fund statements b the government wide statements c both a and b are correct they are included in both but disclosed differently 12 The section of the comprehensive annual financial report that presents tables and charts showing social and economic data in addition to financial trends and the fiscal capacity of the government is the a Introductory section b Statistical section c Management discussion and analysis section d Financial section 13 refers to the concept that current year revenues are sufficient to pay for services provided that year so that future taxpayers will not be required to assume the burden for services previously provided a Interperiod equity b Responsibility accounting c Budgetary control d a and b and c are all correct 14 Recognizing revenues when measurable and available for paying current obligations and expenditures when incurred describes which basis of accounting a Accrual b Modified accrual c Modified cash d Budgetary e Fund 15 Estimated revenues has a a credit balance b debit balance 16 When a vehicle is ordered by a government the purchase order should be recorded in the General Fund as a debit to a Appropriations b Equipment c Encumbrances d Expenditures 17 In accounting for state and local governments the modified accrual basis is recommended for a Proprietary and fiduciary funds b Proprietary funds only c Governmental funds only d All funds ACCY 161 Final Exam KEY Fall 2008 ACCY161 Final Fa08 KEY Page 3 of 4 18 When the budget of a government is adopted and Estimated Revenues exceed Appropriations the excess is a Credited to Fund Balance b Debited to Fund Balance c Debited to Reserve for Encumbrances d Credited to Reserve for Encumbrances e None of the above 19 Which of the following steps in the acquisition of goods and services by an activity accounted for by the General Fund occurs first a Disbursement b Appropriation c Encumbrance d Expenditure 20 An example of a proprietary fund is a an a Special revenue fund b Investment trust fund c Internal service fund d Debt service fund e both b and c are correct 21 When the budget of a government is recorded and Appropriations exceeds Estimated Revenues the Fund Balance account is a Credited at the beginning of the year and debited at the end of the year b Credited at the beginning of the year and no entry is made at the end of the year c Debited at the beginning of the year and no entry is made at the end of the year d Debited at the beginning of the year and credited at the end of the year 22 The expenditures control account of a government is debited when a The budget is recorded b Supplies previously encumbered are received c Supplies are ordered d The invoice is paid e None of the above 23 The General Fund has transferred cash to the appropriate fund for eventual retirement of term bonds maturing in 10 years Which funds would record this transaction a General Fund Yes Capital Projects Fund No Debt Service Fund Yes b General Fund No Capital Projects Fund No Debt Service Fund Yes c General Fund Yes Capital Projects Fund No Debt Service Fund No d General Fund Yes Capital Projects Fund Yes Debt Service Fund Yes 24 When supplies ordered for use in an activity accounted for in the General Fund of a government are received at an actual price that is more than the estimated price on the purchase order the Encumbrance account is a Debited for the estimated price on the purchase order b Credited for the estimated price on the purchase order c Debited for the actual price for the supplies received d Credited for the actual price for the supplies received e None of the above 25 The measurement focus that should be used in preparing fund financial statements is Governmental funds Proprietary funds Fiduciary funds A Current financial resources Economic resources Current financial resources B Current financial resources Economic resources Economic resources C Current financial resources Current financial resourcesEconomic resources D Economic resources Current financial resourcesCurrent financial resources ACCY 161 Final Exam KEY Fall 2008 ACCY161 Final Fa08 KEY Page 4 of 4 26 The basis of accounting that should be used in preparing fund financial statements is Governmental funds Proprietary funds Fiduciary funds A Modified accrual Accrual Modified accrual B Modified accrual Modified accrual Modified accrual C Modified accrual Accrual Accrual D Accrual Modified accrual Accrual The following applies to questions 27 to 30 The City of Orange just passed its annual budget and it was approved by the mayor It included estimated property taxes of 5 000 sales and use taxes of 7 000 investment income of 1 000 the sales of bonds for a new police station of 3 000 Appropriations f